Following the Australian Securities and Investments Commission (ASIC) royal commission and the Life Insurance Framework (LIF) regulatory changes to how you and your clients can adjust how commissions are paid, AIA Australia (AIAA) have been reviewing the Fee for Service structure on current inforce policies.
As a result, AIAA are now able to accommodate these changes and can cater to adviser preferences of moving away from commission based structures to a fee for service based structure should you choose.
If you and your client agree to a fee for service based structure, you won’t receive any commission payable on the policy moving forward, however this will result in an ongoing discount being applied to your client’s premiums.
This option is only available to inforce policies. For new applications, you will be required to adjust the discounts applied to the policy within the quoting system.
If you want to change to a Fee for Service structure, please contact your State Service Team or Client Development Manager.